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Category > Accounting Posted 24 Sep 2017 My Price 10.00

JOHANSON COMPANY

The following data apply to items (a) through (g):

JOHANSON COMPANY Statement of Financial Position December 31, 2000 and 2001
(In thousands)
Assets
Current assets:
Cash and temporary investments	$ 380	$ 400
Accounts receivable (net)	1,500	1,700
Inventories	2,120	2,200
Total current assets	4,000	4,300
Long-term assets:
Land	500	500
Building and equipment (net)	4,000	4,700
Total long-term assets	4,500	5,200
Total assets	$8,500	$9,500
Liabilities and Equities
Current liabilities:
Accounts payable	$ 700	$1,400
Current portion of long-term debt	500	1,000
Total current liabilities	1,200	2,400
Long-term debt	4,000	3,000
Total liabilities	5,200	5,400
Stockholders’ equity:
Common stock	3,000	3,000
Retained earnings	300	1,100
Total stockholders’ equity	3,300	4,100
Total liabilities and equities	$8,500	$9,500

JOHANSON COMPANY Statement of Income and Retained Earnings For the Year Ended December 31, 2001
(In thousands)
Net sales		$28,800
Less: Cost of goods sold	$15,120
Selling expenses	7,180
Administrative expenses	4,100
Interest	400
Income taxes	800	27,600
Net income		1,200
Retained earnings, January 1		300
Subtotal		1,500
Cash dividends declared and paid		400
Retained earnings, December 31		$ 1,100

Answer the following multiple-choice questions:

Required:

Answer the following multiple-choice questions:

a. The acid-test ratio for 2001 is

1. 1.1 to 1

2. .9 to 1

3.1. 8 to 1

4. .2 to 1

5. .17 to 1

b.The average number of days’ sales outstanding in 2001 is

1.18 days 4. 4.4 days

2.360 days 5. 80 days

3.20 days

c.The times interest earned ratio for 2001 is

1. 3.0 times

2. 1.0 times

3.72. 0 times

4. 2.0 times

5. 6.0 times

d.The asset turnover in 2001 is

1. 3.2 times

2. 1.7 times

3.. 4 times

4. 1.1 times

5. .13 times

e.The inventory turnover in 2001 is

1. 13.6 times

2. 12.5 times

3.. 9 times

4. 7.0 times

5. 51.4 times

f.The operating income margin in 2001 is

1. 2.7%

2. 91.7%

3.52. 5%

4. 95.8%

5. 8.3%

g.The dividend payout ratio in 2001 is

1.100%

2.36%

3.20%

4. 8.8%

5. 33.3%

Answers

Maurice Tutor

(5)

Status NEW Posted 24 Sep 2017 11:09 PM My Price 10.00

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